Across Canada, two big trends are reshaping how families think about housing. The population is getting older, with about one in five Canadians now 65 or over, and that share is still rising. At the same time, many people in midlife want to stay in their own homes as long as they can. Multigenerational living is also growing fast, with millions already sharing a roof with parents, grandparents, or adult children as high housing costs and limited supply push people together. These shifts mean more buyers who are caring for old age parents are thinking about a home that will keep everyone safe, comfortable, and supported over time.

Why Aging Makes the Typical Home More Challenging

If you have watched a parent pause at the top of the stairs, grip the railing a little tighter, or avoid the bathtub, you have already seen how a familiar home can start to feel less friendly with age, especially when you are thinking about aging parents and elder care. Most houses were built for younger, more mobile bodies, so even simple features can slowly turn into obstacles.

Here are a few of the big changes that matter at home:

Mobility and Balance

Stairs, narrow hallways, high tubs, and small step-ups at doorways all become harder to manage and easier to trip on.

Strength and Flexibility

Low toilets, heavy doors, stiff taps, and cupboards that are too high or too low can make everyday tasks tiring or even unsafe.

Vision and Hearing

Dim lighting, glare from shiny floors, hard-to-see steps, and alarms that are too quiet make it easier to miss hazards and harder to react in time.

Memory and Thinking

Confusing layouts, too many levels, similar-looking doors, and cluttered spaces can increase stress, disorientation, and the risk of falls. Falls are a major cause of injury for older adults in Canada, and many of those falls happen at home.

The home you choose today can either support your parents’ independence and safety or make daily life more difficult as they age, especially when you are focused on caring for old age parents.

What to Look for When Buying a Home That Is Senior-Friendly

When you look at houses, try to picture your parent doing everyday things there, like getting in the door, using the bathroom, and moving from room to room. A home that works for them now and can adjust as their needs change will make life easier for everyone and is an important part of aging parents and elder care.

Location

Choose an area where health care, pharmacies, and basic services are close and easy to reach. Good transit, or senior transit options, matter if driving becomes harder. Walkable streets, safe crossings, and nearby community or seniors’ centres help your parent stay active and connected.

Overall House Type and Layout

Bungalows or homes with a real bedroom, full bathroom, kitchen, laundry, and main living area on the main floor are usually easiest when you are caring for old age parents. Count the steps to the front door and look at how steep or narrow the stairs are inside. Wider hallways and doorways, and a layout that allows your parent to live mostly on one level, will pay off later.

Entry, Parking and Exterior

Look for an entrance with a low step that you can make step-free. A small covered area helps keep rain and ice off the landing. Bright lighting at doors and along paths makes evenings safer. A practical driveway and wide, fairly level walkways make drop-offs, walkers, and wheelchairs much easier to handle.

Bathrooms

Try to have a full bathroom on the same floor as your parents’ bedroom. A walk-in or low-threshold shower with room for a bench is safer than a high tub, and solid wall areas near the toilet and shower make it easy to add grab bars later. A bit of extra floor space helps with walkers and with someone stepping in to assist.

Bedrooms and Shared Living Spaces

Aim for a comfortable bedroom for your parent close to a bathroom, ideally on the main floor. Some separation from the loudest parts of the house helps everyone rest better. Rooms that can change roles over time, like a den that could become a bedroom, add flexibility.

Flooring, Lighting and Everyday Safety

Smooth, non-slip flooring with few thresholds is safer than thick carpet or shiny, slick surfaces. Good lighting in halls, stairs, bathrooms, and kitchens reduces trips and falls, and you can add small night lights later. Sturdy stair railings and easy-to-use lever handles on doors and taps give older hands extra support.

Potential for a Secondary Suite or Separate Unit

Spaces that can function as a small suite, such as a finished basement with its own entrance, or a room over a garage, are very helpful. They let parents live nearby while keeping some privacy. Later, the same space can work for a caregiver, an adult child, or a renter.

Technology and Caregiving Support

Pick a home with reliable internet and cell service so you can use video calls, smart doorbells, sensors, and other tools if you want them. Easy access for home care workers, cleaners, or meal delivery also matters. Even if you do not need this support now, it is useful to know the house can handle it later.

Budget, Planning and Family Conversations

Be realistic about costs for care, transportation, and future changes to the home, especially when you think about aging parents and elder care. Take time to learn about tax credits and programs that can help with accessibility and multigenerational setups in your province. Talk early about privacy, money, and caregiving so everyone understands how living together will work.

Buying a home with aging parents in mind is a big decision, and you do not have to sort through it on your own. A REMAX agent can help you spot homes that work for today and can be adapted for tomorrow, from safer layouts to potential in-law suites. Connect with your local REMAX office to talk through your family’s needs and start finding a place that fits every generation.

Buying your first home is exciting—until the questions start piling up: How much do I really need? What’s the difference between a deposit and a down payment? What “extra costs” show up at closing? The good news: breaking the process down into clear steps makes it feel more manageable—and even empowering. In this blog, we’ll walk you through the essentials first-time homebuyers need to know, from getting financially ready to making an offer, to planning for closing day.

1) Start with your real budget (not just a number you “wish” worked)

Before you fall in love with a kitchen backsplash or an awesome backyard you saw on an online listing, zoom out and look at your full financial picture. Home ownership includes more than your mortgage payment. That means budgeting for things like taxes, insurance, utilities and upkeep, plus one‑time costs like legal fees and inspections.

A helpful way to frame affordability is to understand how lenders evaluate you. Lenders look at your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios—essentially how much of your income goes to housing costs and total debt. The common rule of thumb is this: keep your GDS under 39% and your TDS under 44% to stay within comfortable boundaries and lender expectations.

Once you’ve got your price range, start exploring what’s realistically available—browse listings to understand your local market and refine your must‑haves.

Start Your Search

2) Know your down payment options—and what “minimum” really means

In Canada, minimum down payment requirements depend on the purchase price. Below are the federal thresholds in plain language:

• 5% on the first $500,000

• 10% on the portion between $500,000 and $999,999

• A higher minimum for higher-priced homes

If your down payment is less than 20 per cent, you’ll typically need mortgage loan insurance (often associated with CMHC or other insurers), which affects overall borrowing costs.

3) Deposit vs. down payment: the mix-up that surprises many first-timers

One of the most common first-time buyer confusions is the deposit vs. down payment.

• A deposit is submitted with your offer (or shortly after acceptance). It demonstrates good faith and is usually held in trust by the brokerage.

• Your down payment is the total amount you contribute toward the purchase at closing—and your deposit becomes part of it.

Deposits often land in the five to 10 per cent range depending on market norms, and they help show sellers you’re serious—especially in competitive environments.

4) Get pre-approved early (it’s more than a “nice to have”)

Mortgage pre‑approval as a key first step to buying a home. Pre‑approval helps you understand what you can spend and can strengthen your position with sellers. It can also hold a rate for a period (for example, 90 or 120 days), offering protection if rates rise while you shop.

Pre‑approval is one of the most important moves for first-time buyers because it reduces the risk of wasting time on homes outside your budget and helps you act quickly when the right property appears.

Pro tip: Don’t focus on the interest rate alone. Pay attention to mortgage features like prepayment privileges, penalties and portability—details that can affect you if you refinance or move later.

5) Choose the right team: agent, mortgage professional & lawyer

A first home is not a DIY project. Working with a licensed real estate agent, a mortgage professional, and a real estate lawyer helps ensure a smoother process and sound decisions. Agents can help you interpret local market value, negotiate terms and manage deadlines, among many other things, while a lawyer handles title checks, registration, closing funds, and other legal requirements

FIND A REMAX AGENT Near you

6) Make your “needs vs. wants” list (and use it like a decision tool)

First-time buyers often get swayed by staging or trendy finishes. Make a list with two columns—must-haves and nice-to-haves—and take notes during showings so you can compare homes objectively later. To keep your search organized while you tour, sign up for listings alerts so new homes in your target area hit your inbox as soon as they’re posted.

Sign up for Listing Alerts

7) Your offer: price is only one piece of the puzzle

When you’re ready to make an offer, your agent will prepare an Agreement of Purchase and Sale that includes the purchase price, a closing date, and key terms/conditions. Sellers may accept, reject, or counter—and that negotiation often includes more than money (timing, conditions, inclusions, etc.).

In hot markets, “cleaner” offers with fewer conditions can be attractive, but removing conditions increases your risk, so it’s crucial to weigh your comfort level carefully.

8) Plan for closing costs (the line item that can derail your budget)

One of the biggest first-time buyer shocks is how many expenses appear at the end of the purchase process. Closing costs are paid at the end of the transaction and can vary by location and property type. Costs typically include:

• Land transfer tax, often the largest, and varies by province/municipality; some areas may offer rebates for first-time buyers.

• Legal fees and related closing services.

• Property tax adjustments, prorated amounts depending on when you take possession.

• Home inspection and appraisal fees to assess condition; appraisal sometimes required by lenders.

• Potential additional fees for pre-builds, including tax and municipal levy‑type costs depending on the purchase structure.

While the amount may vary depending on numerous factors, buyers should budget three to five per cent of the purchase price for closing costs, reinforcing the idea that the down payment is only part of what you need.

9) Use incentives that can make first-home ownership more achievable

Canada offers incentives that can help first-time buyers reduce upfront costs and save more efficiently. These include:

• First Home Savings Account (FHSA): contribute up to $8,000/year with a $40,000 lifetime maximum; contributions are tax‑deductible and qualifying withdrawals for a first home can be tax‑free.

• Home Buyers’ Plan (HBP): withdraw up to $60,000 from an RRSP (per individual) to buy/build a qualifying home, repaid over time.

• First-Time Home Buyers’ Tax Credit (HBTC): a non-refundable credit of up to $1,500.

• Provincial supports such as the Ontario land transfer tax refunds (up to $4,000) and other province/municipal programs depending on where you buy.

Because eligibility and program details can shift, it’s a good idea to review the specific requirements for your province and situation as you plan.

10) Closing day: what to expect when you finally get the keys

On closing day, your lender sends mortgage funds to your lawyer, who combines them with your down payment and closing costs, pays the seller, registers the property in your name, and finalizes the transaction. Then—keys in hand—you’re officially a homeowner!

Want more first-time buyer tips, checklists, and market explainers delivered regularly? Sign up for the newsletter so you don’t miss practical guidance as you plan your next steps.

During the pandemic era, home prices hit record highs, and competition for homes was intense. Buyers felt pressure to make clean offers with no conditions so their bids would have a chance of standing out.

In 2026, the market is very different, and the conditional offer is back. This is good news for buyers, giving them more leverage and negotiating power. For sellers, the situation is more complex; navigating a conditional offer often comes with extra expenses, added hassles, and the possibility that the deal could fall through.

The Shift to a Balanced Market

Real estate experts are referring to 2026 as a “rebalancing year,” in which the market is expected to shift to a more buyer-leaning one. This change is being driven by more stable interest rates and increased inventory across the country.

Prices in many centres are still high, but with competition for homes slowing, there’s less risk of bidding wars. Homeowners can still expect steady value improvements over time, but nowhere near the double-digit increases of five years ago.

Conditional Offer Meaning

A conditional offer is a tentative agreement to purchase a home. The sale only becomes final if certain conditions are met before the closing date. Common conditions are:

Financing Condition

A conditional offer subject to financing gives buyers time to finalize their mortgage. Even if the buyer has preapproval, their lender still needs to appraise the property, verify the buyer’s income, and run final credit checks. A financing condition allows the buyer to walk away from the deal if the mortgage is denied or other financing falls through.

Home Inspection Condition

A conditional offer subject to a home inspection ensures that the buyer knows about major condition issues with the home before the deal closes. This condition allows buyers to negotiate a lower price or compel the seller to make repairs. If these efforts fail, the buyers have the right to walk away.

During a hot market, buyers often waive the home inspection contingency. Although this makes their offer more competitive, it also introduces the risk of expensive repairs years into the future.

Sale of Current Home Condition

An offer conditional on the sale of the buyer’s home ensures that the buyer won’t be carrying two mortgages at once. It also removes timing uncertainty and reduces the stress on the buyers of having to sell their current home quickly, potentially at a reduced price.

Title Search Condition

A title search ensures there are no claims against the property’s legal title, such as liens against the property or other legal encumbrances. A conditional offer subject to a title search guarantees that the title is free and clear and the property is, in fact, the seller’s to sell.

Condo Document Review

If you’re buying a condo, check to make sure the condo corporation is financially sound and operating responsibly. Making your offer conditional on a document review means you’ll be able to see financial statements, meeting minutes, and bylaws. Documents can reveal issues like upcoming special assessments, building maintenance problems, or ongoing conflicts within the condo board.

Why a Conditional Offer is Better for the Buyer

The return of the conditional offer benefits buyers in important ways:

Making Informed Decisions

Without conditions, you’re buying a major asset without examining it closely. You get one or two showings, but after that, what you see (or don’t see) is what you get. This could work out fine, but it could also cost you hundreds of thousands of dollars down the road.

Protection If Financing Falls Through

Making your conditional offer subject to financing means that if you don’t secure the funding to buy the home, you don’t have to go through with the deal. Without this condition, you could end up desperately searching for financing from a predatory lender or having to borrow from family or friends.

Peace of Mind

A conditional offer gives you time and space to make calm decisions. You’ll feel less pressured to go through with a financially questionable purchase, and you’ll ultimately know that you made the best decision you could have.

Negotiating Power

A conditional offer gives you leverage in negotiations. When the seller knows a deal could fall through, they’re more likely to make concessions like lowering the price, doing repairs, or extending the closing timeline.

How to Use Conditions Strategically

The conditional offer is back, but is it wise to load up on conditions? Now always! Ultimately, you want an offer that’s likely to be accepted so that the process proceeds smoothly.

Keep Conditions Reasonable

Sellers are more likely to accept your conditional offer if the conditions are fair and realistic. Don’t extend the timeline for financing and home inspection beyond what you really need. Line up your inspector and communicate with your lender in a timely manner to keep things moving along.

Work with a Reputable Real Estate Agent

A good real estate agent will help you structure an offer that has an excellent chance of success. Count on their experience and knowledge of local standards to tell you which conditions to include.

Keep Conditions That Are Important to You

Even in a balanced market, you might feel pressured to waive certain conditions. It can be tempting to do this to ensure a successful offer. Go with your instincts on this, especially if you’re new to home buying. If it doesn’t feel right to you to waive a condition, include it in your offer.

Removing Conditions

Once conditions are met, they’re removed from the offer, and the deal becomes binding. Before this happens, review the inspection report, the report on the title search, the appraisal, and your financing paperwork. If there’s anything you don’t understand, consult with your agent or a real estate lawyer.

If, on the other hand, a condition in your conditional offer is not met, you can walk away, and your deposit will be returned.

Conditions are there to protect you from making a risky financial deal. It can be easy to get distracted from this reality when you’re looking for your dream home, so stay focused: you’re buying a place to live but also investing in a major asset. Rely on a trusted real estate agent for your best advice, and when in doubt, ask questions!

Purchasing your first home is an exciting and monumental step, filled with dreams of finding the perfect place to call your own. Imagine a cozy condo nestled in the heart of the city, where modern amenities and vibrant urban life are just an elevator ride away, a charming townhome offering a balanced blend of community and privacy with shared spaces that foster a sense of belonging, or a spacious detached home where you can relish in the tranquillity of your own yard, free to customize every inch to your heart’s desire. The choice between a condo, townhouse or detached home can be tough for the first-time homebuyer. Let’s take a closer look at these options.

The Pros and Cons of a Condo, Townhouse or Detached Home

Condo Pros:

• The condominium association often handles routine upkeep and repairs.

• Access to amenities such as pools, gyms, and recreational areas.

• Enhanced security features, including gated entrances and surveillance systems.

• Often priced lower than a townhouse or detached home

Cons:

• Monthly condo or strata fees for maintenance and amenities can add up.

• Shared walls and common areas mean less privacy, less personal space, and potential noise.

• Condominium rules may limit renovations, pet ownership, and other activities.

• If the condo does not have a healthy reserve fund, special assessments can be costly.

Townhome Pros:

• Enjoy more privacy than a condo while still being part of a community.

• If it is a condo townhome rather than freehold, the condo fees may cover some exterior maintenance like snow removal or even a community pool.

• Non-freehold townhomes can be cheaper since you don’t own the land.

• An end-unit townhouse is like living in a semi-detached home with only one shared wall.

• Priced lower than a detached home

• Heating costs are often lower since your neighbours insulate your home.

Cons:

• Potential noise from neighbours due to shared walls.

• If it is a condo townhouse, you’ll pay regular maintenance fees for community maintenance and amenities.

• Non-freehold townhomes mean you don’t own the land, which can impact long-term investment value.

Detached Home Pros:

• No shared walls, offering complete privacy and control over your property.

• Typically, larger living areas and outdoor spaces.

• Greater freedom to modify and renovate your home as desired.

Cons:

• All upkeep and repairs are your responsibility, which can be time-consuming and costly.

• Generally higher purchase prices, property taxes, and insurance premiums.

• All homeownership responsibilities fall on you.

Factors Affecting First-Time Homebuyers

Resale Value

Detached homes often appreciate more steadily than condos and townhomes, but local conditions can significantly impact all property types. Location, community development, nearby amenities, and overall demand play a critical role in determining resale value. Homes in desirable neighbourhoods or with unique features typically enjoy higher resale values, making them a better long-term investment.

Maintenance

Condos usually require the least maintenance, as the condo board handles exterior and common area upkeep. Townhomes require some exterior maintenance but typically less than detached homes. Detached homes demand full responsibility for all repairs and maintenance, which can be time-consuming and costly.

Noise

Condo living often involves more noise due to shared walls, floors, and common areas. While soundproofing can mitigate this, it might come at an additional cost. Townhomes have shared walls with neighbours, resulting in potential noise, but generally less than in condos. Opting for an end unit can provide more privacy and less noise from adjacent homes. Detached homes offer the highest level of privacy and minimal noise from neighbours, making them ideal for those seeking a quieter living environment.

Land Ownership

Non-freehold townhomes are often cheaper to purchase because you don’t own the land they sit on, reducing upfront costs but potentially affecting long-term investment value. Freehold properties, where you own both the home and the land (like detached homes and some townhomes), generally result in higher property values and more control over your property, making them a better investment over time.

Budget

Condos are usually the most affordable, followed by townhomes, with detached homes typically being the most expensive. Ongoing costs, such as utilities, insurance, and property taxes, can vary by home type. Condos and townhomes might have lower utility costs due to shared systems but include condo or strata fees, whereas detached homes incur the total costs without others sharing the expenses.

Space and Layout

Condos usually offer less square footage and limited outdoor space, making them ideal for individuals or small families who value low maintenance. Townhomes provide a middle ground with more space than condos, including some private outdoor areas suitable for small to medium-sized families. Detached homes offer the most space and flexibility, both indoors and outdoors, perfect for larger families or those seeking more privacy and the ability to customize their property.

Amenities and Services

Condos often include access to pools, gyms, and other recreational facilities, providing convenience and potentially reducing the need for memberships elsewhere. Townhome communities may offer shared amenities like playgrounds, parks, and community centres, promoting a neighbourhood feel. Detached homes typically lack shared amenities but offer the freedom to install personal amenities tailored to your preferences, like a pool or garden.

The choice between a condo, townhouse or detached home is an important one. Contact a REMAX agent to help you find the perfect home that meets all your needs.

In mid 2024, rent prices dipped slightly in major Canadian cities. Analysts were hopeful that prices would continue to drop, and renters were looking forward to more affordable housing. If you’ve been watching Toronto rent prices, Vancouver rent prices, Calgary rent prices, or the overall Canada rent prices decline, you’ll have noticed that the dip didn’t turn into a sustained drop.

So what is happening with the rental market in Canada? Why are rents still so high in Canada’s urban centres, and is there any relief on the horizon for renters?

Rent Price Trends by City

The picture across Canada is not uniform. In each market, there are different factors driving rent prices.

Toronto Rent Prices

Toronto rent prices did decline in 2024 and into early 2025. One-bedroom unfurnished units downtown dropped from $2365 a month in December 2024 to $2090 in December 2025. There were similar declines in other areas of the city.

However, these declines were primarily for premium downtown apartments and smaller units. If you were looking to rent a two or three-bedroom apartment, Toronto rent prices largely remained the same.

Vancouver Rent Prices

In Vancouver, average rents fell by 5.8% in 2024. One-bedroom units that were going for $2760 dropped to about $2367 by early 2025. While this is a positive trend, it still doesn’t make housing affordable. Despite record vacancy rates and falling asking prices, the rents that Vancouver residents are paying are still extremely high by any reasonable standard and show no signs of major drops.

Calgary Rent Prices

In Calgary, rent prices have fluctuated in the last few years. After a 14% average annual rent increase in 2023, Calgary’s rents fell 7.2% in 2024, reaching an average of $1921 dollars. By early 2025, one-bedroom units were averaging around $1567. This drop in prices was driven by high levels of new construction and rising vacancy rates.

This is good news for Calgary renters, but analysts are warning that the drops might not be long-lasting. The lowering of rents was driven by new construction and high vacancy rates, but building has since slowed, and demand will eventually catch up with supply. Although some rental decreases may be sustained, further drops are unlikely.

Why Rents Aren’t Falling

Although rents are falling slightly, they haven’t dipped as much as renters were hoping and industry-watchers were predicting. There are several factors responsible:

The Supply of Affordable Units Is Low

High levels of purpose-built rentals were completed in 2024, and vacancy rates rose in most markets, but with high construction, land, and financing costs, the units that have become available are expensive.

While middle and high-income people can afford these higher-priced new units, lower-income people have been priced out of these buildings. They continue to rent in older buildings with cheaper rents, where prices have not declined.

Tenant Turnover Has Increased

In rent-controlled markets, landlords have limits on how much they can increase rents for existing tenants. However, when a tenant leaves, they can charge the new tenant more. Tenant turnover has recently increased, which has led to higher average rent prices.

Construction Has Slowed

Construction of new units has dropped off, putting upward pressure on rents. The more demand there is, the more landlords can charge. Ultimately, supply depends on whether developers are willing to start new construction, but in many centres, the incentives to build rental units are not there.

The Population Is Continuing to Grow

Although immigration has slowed, Canada is still welcoming newcomers. And they still need a place to live. Most new immigrants rent before they buy, often for several years. Even with slower population growth, Canada is still feeling the effects of years of undersupply, especially in affordable units, so current population increases are putting upward pressure on rents.

High Rents Are “Sticky”

Once rents reach a certain level, they tend to stay there or at least resist falling. Landlords have costs that they need to cover to earn a sustainable return on their investments. Expenses like borrowing costs, property taxes, insurance, maintenance, and utilities have only gone up in recent years, keeping rents at high levels.

Lack of Affordability Limits Tenant Mobility

Some tenants continue to pay higher rents because moving is so expensive. Between first and last months’ rent, moving expenses, and possible overlap between leases, some tenants just can’t afford to move to a cheaper apartment. This keeps occupancy rates in more expensive buildings high and prevents the competition for tenants that would normally drive rents down.

Average Rent Figures Are Misleading

The term “average rent” doesn’t tell the whole story, especially not for people who are looking for a rental unit. Here’s why:

• Average rent calculations include units at all price levels, but lower-priced units get snapped up quickly, while more expensive ones sit on the market. For example, if you had 100 apartments renting at $1500 and 100 at $2000, the average rent would be $1750, but that doesn’t mean renters will be able to find an apartment for $1750.

• Rent-controlled units skew averages. The same apartment under rent control might be priced at $1600, while it would cost $2400 to rent that unit as a new tenant. The average rent for that apartment might be $2000, but if you’re looking for a place, you’ll pay $2400 for it.

Although average rent figures aren’t intentionally false, they do mean that “lower average rent” doesn’t translate to tenants actually paying lower rents.

Looking Ahead to Where Rents Are Going

If you were hoping for drastically lower rents in 2026, that’s unfortunately unlikely. Toronto rent prices, Vancouver rent prices, and Calgary rent prices are slightly lower on average, but a big decrease isn’t on the horizon.

The fundamental problem is that Canada experienced years of undersupply. When developers responded with more construction, they faced rising material, labour, and permitting costs, along with a scarcity of affordable land. Although the increase in supply led to a temporary dip in rents, slowing construction means demand will eventually catch up.

While this paints a bleak picture for renters, there’s cause for optimism. As the affordability crisis continues, Canadians and Canadian advocacy groups have put considerable pressure on politicians to free up funding for housing and implement policies that will lower housing costs. If these efforts succeed, there could be relief for renters in the near future.

The Calgary Real Estate Board (CREB®) is excited to announce the release of its 2026 Forecast Calgary and Region Yearly Outlook Report.

This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, provides an in-depth analysis of Calgary's economic and housing market trends for the upcoming year. 

The 2026 report highlights how rising starts over the past several years are translating into supply growth at a time when demand is shifting due to slowing migration and shifting economic conditions.   

“In 2025, the market transitioned from one that favoured the seller to more balanced conditions, as improving supply in the new home, rental and resale markets occurred just as demand returned to more typical levels. This took much of the pressure off home prices last year, especially in the apartment and row segments,” said Ann-Marie Lurie, Chief Economist at CREB®.  

Lower migration levels, stable employment and interest rates are expected to prevent any substantial change in demand in 2026. However, supply pressures are expected to continue as 26,000 units that are currently under construction are completed over the new few years. 

“Much of the supply growth will be apartment-style rental and ownership units, and while starts are expected to ease this year, it will take time to absorb the supply, considering the weaker migration levels. Ultimately, this will continue to place downward pressure on prices for apartment- and row-style homes. Meanwhile, conditions are more balanced for detached and semi-detached homes, supporting relative price stability for those homes,” Lurie added. 

The report also notes there are several factors that could impact the housing market over the next few years. The recently signed memorandum of understanding (MOU) between the federal and provincial government provides upside risk to the forecast, as shifts in federal regulatory barriers affecting the energy sector may encourage both confidence and investment in Calgary. On the downside, the renegotiation of the Canada-United States-Mexico Agreement (CUSMA) this year could create additional uncertainty. Combined with lower energy prices, this could potentially slow positive momentum in business investment activity. 

Click here to read the full CREB® 2026 Forecast Calgary and Region Yearly Outlook Report.

Calgary is the sixth best city to live in Canada (16 spots ahead of Edmonton!), according to Numbero’s 2026 Quality of Life Index, which compares hundreds of cities around the world and ranks them based on everything from affordability and climate to health care, safety and even traffic.

With a population of over 1.7 million, Calgary has 200 neighbourhoods to choose from. As this is the month for love, we did some research and found the top five neighbourhoods that Calgarians love, to live in or visit. 

1. Inglewood (SE)

As Calgary's oldest neighbourhood, Inglewood is also home to art galleries, international food restaurants, boutiques, the bird sanctuary, and a vibrant night market in the summer. It's a neighbourhood with a soulful atmosphere that captivates families, creatives and nature lovers alike.

2. Beltline (City Centre)

With a walkable score of 91, the Beltline offers access to over 100 restaurants, lounges and cafes, as well as parks, shops, amenities, and lively murals that uplift the street energy all year long. You can witness the community spirit on a hockey night, walking down the “Red Mile” from the Scotiabank Saddledome to the trendy section of 17th Avenue. 

3. Kensington (NW)

Kensington offers many gems for residents and visitors alike. With numerous businesses and an easy access to transit, the Bow River and Downtown, as well as a cat café and an historic cinema– there’s never a dull day in the neighbourhood. 

4. Bowness (SW)

Bowness is loved by Calgarians due to its diversity, wonderful local businesses, memorable landscapes and numerous opportunities for outdoor recreation thanks to the iconic Bowness Park. During the winter, Bowness Park becomes a winter wonderland with its lagoon transforming into a 1.6 km ice skating trail. In the summer, there’s plenty of space for jogging, canoeing, and mingling among the various picnic tables, surrounded by lush trees. 

5. Saddleridge (NE)

A favourite for young families, Saddleridge is a community that continues to grow. With a variety of schools, easy access to transit and to the airport, the Saddlecreek Ponds and Bear Park, Saddleridge is also home to the Genesis Centre, which hosts a variety of cultural celebrations and events throughout the year.  

One of the most daunting things about buying a house is the finances. Between negotiating the purchase price and handling surprise expenses like closing costs, home-buying money matters can be overwhelming.

With interest rates up, you may be wondering if home buying is still affordable. Learning the strategies for dealing with high mortgage rates will help you feel more confident going forward.

What Is a High Interest Rate for a House?

Interest rates are always in the news because of their wide-ranging impact on the economy and our everyday lives. But what is a high interest rate for a house, and when is it too high to buy? The answer depends on what you’re comparing the current rate to: historical rates, the rates other people are getting, or the rates you can afford.

What Is a High Interest Rate for a House Overall?

Overall, a mortgage interest rate of 8% or more would be considered high in today’s market. Under the current economic conditions, these guidelines apply:

• Below 6% is low to moderate

• 6% – 7.5% is normal

• 5% – 8% is borderline high

• 10% is very high by today’s standards

Historical context is important. Whereas 8% might seem astronomical, homebuyers in the early 1980s were paying over 20% in some cases. Fortunately, when rates do go up, they increase gradually, and it’s unlikely we’ll see anything like 1980s rates in Canada anytime soon!

What Is a High Interest Rate for a House Compared to Other Borrowers

An interest rate might also be “high” if it’s noticeably above what other borrowers are getting. Watch for this if:

• Your rate is 1% to 2% higher than the average for borrowers with good credit.

• You have a strong credit score, but your quotes are still above the market.

• You have stable income and low debt, but you’re being offered higher rates.

If this is the case, the rate isn’t universally high; it’s high for you. Since even a fraction of an interest point can add thousands of dollars to your loan over its lifetime, it’s worth investigating options. Try getting multiple mortgage quotes, look into your credit reports to see if there are errors, and ask lenders about the discrepancy.

What Is a High Rate of Interest for a House in Your Financial Situation?

A mortgage rate might be high given your personal budget and long-term plans, even if the rate itself isn’t objectively high. For example, a rate might be high under your current circumstances if:

• The payments stretch your monthly budget beyond what’s comfortable for you.

• Your income is variable, and you’re not sure if your payments will be within reach each month.

• The home you’re looking at is at the top of your price range.

• A higher rate makes your loan approval less certain.

If any of these ring true, the rate is high for you right now. That doesn’t mean you can’t buy a home; with the right strategies and advice from experienced professionals like a good real estate agent and financial planner, you’ll be on the path to home ownership.

Interest Rates and House Prices

If you’re thinking about how to buy a house in today’s market, you may be wondering, “Do higher interest rates cause lower house prices? If so, how does that play into my home-buying strategy?”

Interest rates can put downward pressure on home prices. When mortgage rates rise, borrowing is more expensive, and buyers can’t afford as much. Demand then decreases, forcing sellers to lower prices. However, the effect of interest rates on prices isn’t immediate, and it can be cancelled out by other factors that influence home prices, such as population growth, economic conditions, and demand in specific areas.

The bottom line? Don’t count on higher interest rates to cause lower house prices. Instead, focus on other strategies to find a house that meets your needs and suits your budget.

Strategies for How to Buy a House with High Mortgage Rates

Buying a home when mortgage rates are high doesn’t necessarily mean being house poor or spending years juggling debt. The key is to plan a solid strategy and execute it in consultation with your lender, financial planner, and real estate agent. Here’s how to buy a house when the numbers are tight:

Understand Your Budget

Be realistic about what you can afford by running the actual numbers. A mortgage calculator can be helpful; make sure you include your down payment, closing costs, and the “hidden costs” of home ownership.

Getting preapproved for a mortgage is the next important step. That will give you a better sense of what you can afford. With a preapproval, you’ll also be in a better position to negotiate your home price; sellers prefer deals that won’t fall through due to financing shortfalls.

Improve Your Financials

A key aspect of how to buy a house in any economy is to strengthen your financial profile:

• Improve your credit score by paying down debt, avoiding new credit cards or loans, and checking your credit report for errors.

• Increase your down payment if possible.

• Look for ways to improve your income or make it more stable.

Going into preapproval with these pieces in place will help you get a higher preapproval amount and a better rate.

Lower Your Loan Amount

A lower loan amount will make your monthly payments more affordable. You can borrow less by:

• Negotiating aggressively on price, with the help of your real estate agent.

• Saving for a bigger down payment.

• Getting a co-borrower.

• Thinking slightly outside your preferred area by exploring the surrounding neighbourhoods.

• Buying a home that needs improvements (taking into consideration the cost of the improvements).

• Using a first-time homebuyers’ program. In Canada, this includes the First Home Savings Accounts (FHSA), the Home Buyers Plan (HBP), the Home Buyers Amount (a non-refundable tax credit) and the GST/ HST New Housing Rebate. There are also provincial and municipal programs available in some regions

Explore Mortgage Options

When thinking about how to buy a home when rates are high, look into options like variable rate mortgages and longer amortization periods. You can always refinance later when circumstances change; you won’t be locked into the decisions you make today. Your lender can help you with options and long-term planning.

There’s no single best strategy for how to buy a home when interest rates are high. The right approach depends on your goals, your needs, and your financial circumstances. Working closely with experienced professionals like a real estate agent, financial planner, and lender can set you on a successful course to home ownership!

When you rent, your landlord quietly pays for things like building insurance, major repairs, property taxes and often some utilities. When you buy, all of that shifts onto your shoulders. If you shop only by focusing on the mortgage payment alone, you risk saying yes to a home that works on paper but feels suffocating in real life. The goal is simple, before you buy, zoom out from just the mortgage and look at the full cost of owning and running the home for a year, including the less obvious expenses of a house that do not show up in a basic payment calculator.

Breaking Down the Key Costs to Plan for Your First Year

Mortgage, Property Tax and Insurance

Start with your all-in mortgage payment. That covers the principal, the interest, and, if your down payment is under 20 percent, mortgage default insurance that is usually added to the loan. Next, add your annual property taxes, based on the home’s assessed value, and your home insurance, which lenders almost always require. If you are buying a condo or townhome, factor in condo or strata fees as well, because they pay for building insurance, shared services and future repairs. These core payments are the expenses of owning a house that you will face every single year, and they form the base of your budget.

Around closing, you also need to account for several one-time costs. These include the inspection, appraisal, legal fees, land transfer tax, title insurance, a possible survey, tax or utility adjustments with the seller, and the cost of moving. They do not repeat every month, but they do hit your bank account in year one. In Canada, these closing costs often add up to roughly 1.5 to 4 percent of the purchase price. Treat them as part of your overall first-year budget, not as an afterthought you figure out at the last minute, especially once you add them to all your other house expenses.

Monthly Running Costs: Utilities and Services

Next is what it costs to actually live in the home each month. That usually includes electricity, gas or heating oil, water, sewer, and any garbage or recycling charges in your city. On top of that, most households will have internet and maybe basic TV or home phone, plus any services you outsource like lawn mowing, snow removal or regular pest control. These are the bills that show up again and again, and together they make up a large part of what it really costs to keep the lights on and the home comfortable.

If you are coming from a small or well-insulated apartment where heat or water was included, expect these amounts to be higher in a larger home. Ask the seller or your agent for recent utility bills and base your budget on one of the expensive months, such as the coldest winter or hottest summer bill. That way, seasonal spikes feel normal instead of like a nasty surprise, and you can fit these house expenses into your monthly cash flow without constant stress.

Maintenance, Repairs and Big Ticket Fixes

As a homeowner, you pay for everything that breaks or wears out. That means small fixes like leaky taps, running toilets, sticky doors and tired caulking. It also means bigger jobs, such as servicing or eventually replacing your furnace, AC, hot water tank and major appliances like the fridge, stove, dishwasher, washer and dryer. Outside, you need to plan for roof work, gutter cleaning, driveway cracks, siding touch-ups and occasional pest control to keep unwanted guests out. These jobs might not happen often, but when they do, they can be some of the most significant expenses of a house you will face.

A useful rule of thumb is to expect to spend around 1 to 3 percent of your home value per year on maintenance and repairs, depending on age and condition. Your home inspection is your best roadmap, so note anything the inspector says should be dealt with in the next one to three years, such as an older roof or water heater, and assume those items will need real money sooner rather than later. Thinking this way also helps you compare long-term patterns like condo fees vs house expenses, since both are ultimately about paying for upkeep, just in different ways.

Setting Up Your Home From Scratch

If you are moving from an apartment and almost nothing fits or works in the new place, assume you are starting from zero. In the first year, you will likely need proper beds and frames, a sofa and chairs that suit the new living room, a dining table and chairs, some storage such as dressers, shelves and closet systems, window coverings for privacy and sleep, plus basic rugs and lamps so rooms do not feel bare. You will also need infrastructure that many renters do not own yet, including a simple tool kit, cordless drill, step stool, ladder and basic safety gear like fire extinguishers and smoke or carbon monoxide detectors where needed.

Then there is the seasonal gear. Spring and summer may demand a lawn mower or lawn service, a trimmer, hose, rake and basic gardening tools. Fall can add leaf rakes or blowers and gutter tools. Winter often means snow shovels, ice melt, ice choppers, heavy door mats, boot trays and possibly a snow blower or paid plow service if you have a bigger driveway. If you go in expecting that nothing from the apartment will be enough, you can plan these costs in stages instead of panic buying everything on a credit card after you move in.

Cash Buffer for Emergencies and First Year Mistakes

Finally, you will want a cash buffer that covers two things: genuine emergencies and normal first-year mistakes. Emergencies are the big ones; losing part of your income, a furnace that dies in January, a serious leak, situations where not paying is not really an option. For those, it helps to have some money parked in a plain savings account that you only touch when something truly important breaks, and when putting the cost on a credit card would be hard to manage.

Then there are the learning costs of being new at this, such as buying the wrong part and needing to replace it, calling in a professional to fix a do-it-yourself attempt, overpaying your first contractor or damaging something while figuring out maintenance. A simple, practical move is to open a small, separate savings account and send a set amount there every month. When one of those inevitable expenses pops up, you pay from that account on purpose instead of reaching for high-interest debt.

If you build your budget around these areas before you buy, and think frankly about all the owning a house expenses that will come with your purchase, your first year of homeownership is far more likely to feel manageable and not like a financial trap.

Ready to own instead of just browsing? Talk to a local REMAX agent to compare condo fees vs house expenses and see what you can actually afford. Message us today and get moving.